Tech bouncing back microsoft and alphabet up sharply. Plus the Biden Administration is awarding micron 6 million in federal grants to boost production of chips in the state of new york and idaho. Were going to discuss all that with microns ceo. Hes live at post nine and the oil giants, exxon and chevron, both posting lower First Quarter profits. Mike wirth will join us this hour well go over those results. Lets begin with the markets and this mornings inflation data, highly anticipated, jim, not just core pce but best couple of months on spending in about a year look, this is a front frontsybacksy day versus what we got im going to mention somebody. You tell me if you agree pangloss pangloss. Panglossian number. Were taking the s. A. T. This morning . Thats where youre starting the show today on this friday in late april you want to explain that to everybody else the bonds are right i have to tell you, carl, last night im sending a note to ruth in the middle of the night, fantastic. Al
Im wilfred frost. Im seema mody in for sara eisen. Good morning to you. Great to have you with us great its friday. Feels good. Lets check in on the markets. We did get a bounce back yesterday from what has been a week or so of softness with a few pullback days, no significant gain days until yesterday. We saw 0. 8 of gains for the dow and s p. It was a bounce back from some of that softness but also earnings driven, walmart up 10 . A huge gain. Cisco, gap, best buy, some Companies Reporting earnings to beat forecasts we are called lower. The dow down 40 points the nasdaq down a couple points. S p down 4 points. That gain yesterday seems a little bit temporary week to date, the s p before today was up fractionally. The nasdaq is up about 0. 6 . Tenyear treasury note has recovered in the second half of the week in terms of the yield rising the price falling. We did fall to the low 2. 3s earlier in the week. Up to 2. 36 now last friday we closed 2. 4 asian equities climbing for a second
Stocks have been volatile following the hotter than expected read on inflation weigh negative than positive dow is flat. S p holding on the gains of about ten points doc, did we overreact to that inflation number on cpi . Yes absolutely we overreacted to it. And i know steves got some juice on that, so i wont step on your toes there, steve. But what we did in familiar particular, judge, i think it expoed, we were talking with some port folio managers nancy was talking about that the people that had been in that, judge. We saw a lot of people hitting the market even as we were down 250 points they were hitting volatility selling it and they kepti sellig it and when we reversed and have gone positive, they slammed volatility you dont expect to see that especially the first part with a big surge in downside ak tto see volatility dropping. Rates are moouing up. Yeah, because of the speed. Because of the speed we talked about it over and over again, but you know, the day when we were up in
Funding. And twitter Ceos Jack Dorsey purchasing more stock. Are investors buying it . As we said some big earnings from the likes of apple and facebook. We have the fed meeting two days. We have the jobs number. The french Elections Come up this weekend, jim. Everybody is looking at seasonality trying to figure out what may means for stocks. What are your thoughts . Well, for years i always felt that you do not want to be in tech because were about to go into the summer slowdown for europe. Actually, europe is much stronger this year and i no longer feel like theres a sell in may problem with tech. We know that sell in may doesnt work. Its 5050. But there was a basis for it and the basis for it was most companies in europe just shut down for july and august. So you have to anticipate that. Thats not going to happen. Instead, it might be the other way. I think europe leads us right here. Meanwhile, guys, obviously, big week in congress. David, i know youre going to tackle some of the i
Of edged up yesterday. Jamie dimon am i too early in that promote . Yes, you are permeant yesterday, you got me all confused. Im all over it theyre producing a lot, but theyre not but they dont have the pipelines. Lets get to the road map this morning. Well get to oil but for now, were going to talk markets. The dows win streak is at 10. You saw their futures are looking, at least for a lower open plus, Michael Koors and ralph lauren delivering some upbeat news you got that right, upbeat for the Retail Sector. Both of those Companies Beat the estimates of the analysts. Follow them. Koors up a lot cbs coming in better than expected but they lowered guidance, so the stock is down. Basketball, ad sales. Oh, i thought you meant cvs no. Oh, you have to say channel 2. All the time on the trading desk, you never use the term cbs. You say ive got 50,000 channel 2 to buy too many people bought cvs and that stock is down never use cbs for cbv. Okay. And Charlie Victor was not. It was down it not